Following last year’s collapse, LUNA continued its life as LUNC. Many victims continued to buy, believing there would be no further losses, but the price dropped from double-digit levels to a value with a string of zeros. Could the rise in November be a sign of a possible comeback?
On November 27, the USTC/USDT exchange rate increased by 176% within 24 hours, reaching $0.037, and the price of LUNC also increased by about 30%. The new team, struggling to revive the network, has not yet achieved any notable success. However, after Binance listed USTC for futures contracts, there was a significant revival in demand.
According to data from TerraClassic Foundation, the recent price movements are linked not only to speculation but also to the revitalization of the network. On November 22, users conducted approximately 589,000 transactions on the network, almost double the previous month. During the same period, there was also a notable increase in the amount of LUNC staked.
Despite all optimism, the old days for LUNC seem very distant. Many investors rushed to buy expensive collections when Terra’s collapse began, and the NFT craze had not yet subsided. Some collected LUNA and UST (now USTC) at prices that are considered very expensive by today’s standards, but none got what they expected and it does not seem likely that they will in the near future.
Do Kwon’s arrest, conflicts with legal forces, and the collapse of the multibillion-dollar Terra ecosystem are not shocks that can be easily overcome. Moreover, during the bear market, much more successful competitors than Terra and Terra Classic entered our lives. Even if the Terra Classic ecosystem experiences speculative and abnormal movements in a competitive environment, a clear comeback seems difficult.
In April, the $0.00012 level was a tough resistance that could not be breached again. If the price can surpass this area, it can be seen that the rally could extend up to $0.00015, but even if the price removes one or two zeros, the compensation tokens given to the victims will not cover their losses.